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What is Token Issuer? One of the most practical DeFi tools on Coin98 Exchange

Publish by Coin98 Exchange at 29 August 2021

With the simple strategy of making the TraFi (traditional finance) necessary services available in the DeFi world, Coin98 Exchange Ecosystem also offers users a Powerful DeFi Toolbox named Coin98 Terminals with some outstanding tools:

  • Token Issuer.
  • Multi-send.
  • Multisig and Contract Revoke (Coming soon).

This article will give you a quick introduction to the Coin98 Token Issuer and help you better understand what are the special features and how to use this useful tool.

What is Token Issuer?

Is there ever a moment when you stumble upon a brilliant blockchain business idea? Perhaps you've considered issuing your own token but have been put off by your lack of coding skills.

Normally, when talking about token issuance, we’re talking about such a long and complicated process; for example, writing tokens in Solidity with lots of complex coding functions to implement the smart contract, struggling with generating the tokens in the different blockchains,... There are numerous tutorials on this, but they all require technical skills as well as a thorough understanding of how the blockchain works.

However, have you imagined that even with no coding experience, you can issue your own token in just a few clicks? Yes! The Token Issuer tool of Coin98 Exchange was designed to meet this need.

Token Issuer is a special tool that enables Coin98 Exchange users to issue tokens on their favorite blockchains or even carry their names at their disposal. Currently, Coin98 has not charged any service fee on this tool, users just need to pay the network fee (gas) and immediately possess their own tokens in just a few minutes with no coding experience.

Outstanding features of Token Issuer tool

Simple and Easy to use

Token Issuer allows you to quickly issue your own token without any technical skills. Your token can be personalized in any way you want it to be, including the token supply, name, logo, and more. So just let your creativity flow, Coin98 Token Issuer will handle all of the tedious details.

Coin98 Token Issuer has a user-friendly interface without requiring any prerequisite knowledge about smart contract programming. Users just need to simply fill out an easy understanding form, top up their wallets with enough funds to pay for the gas fee and a smart contract will be deployed in their control.

The Coin98 Wallet on the corresponding chain you want to issue tokens will automatically connect with the system for this step. Once the transaction is confirmed, contracts are deployed, the initial supply of the token will be sent to the address owner and ready to be used. The whole process will be in the most seamless and easy-to-use way possible.

Easy understanding form for users to issue token

Issuing tokens on Multi-chain in one interface

With Token Issuer, users can feel free to choose the blockchain and contract types for their tokens without coding requirements.

Currently, Coin98 Token Issuer is supporting user create tokens on three different blockchains: Ehereum (ERC20), Binance Smart Chain (BEP20), HECO Chain (HRC20), whose token standards are accepted by most exchanges. In the near future users can also experience this tool on Tron (TRC10) and Solana (SPL).

Coin98 Token Issuer is supporting user create tokens on multi-blockchain

Anyone can easily issue tokens on the supported blockchains in a few steps. With our dynamic integrations, users now can enjoy issuing multi-chain tokens on only one interface and always keep up with the latest crypto trend.

This technology benefits the standardization of token development and removes the need for developers to design their own blockchain. If you need your token verified by Explorer Browser (Etherscan, BscScan, Hecoscan, …) please note that by generating a token using Coin98 Token Issuer, your smart contracts are auto-verified.

Taking full control of your own token supply

Coin98 Token Issuer offers users two options to manage and control the supply when issuing the token:

  • Token Burn: This check specifies whether your tokens can be burned to decrease the supply, often aimed at keeping inflation low or reducing the total circulating supply of coins.
  • Token Mint: This check specifies whether your tokens can be created to increase the initial supply, allowing the token owner to “mint” more tokens whenever they want.
Taking full control of your own token supply with Token Burn & Token Mint

All options enable users to totally control the total token supply. Users have the right to choose any or both options but bear in mind that if you don't choose any, your initial aggregate supply will not be allowed to change. In the future, Coin98 will launch the token burning/ minting user interface to simplify the process of burning/ minting a token.

Ensuring higher security and safety for the issued tokens

In Coin98 Token Issuer, the wallet address which is connected with the system to pay the network fee can be separated from the owner’s address - the address receiving all the issued tokens. The owner's address plays a crucial role in keeping your issued token safe.

Therefore, more security layers to this address will secure your own assets. And the Multisig feature - an advanced tool coming in the future will be the added value for Token Issuer.

The owner address which is generated by Coin98 Wallet with the Multisig technology can help distribute the risk. For example, in a project having many co-founders, if hackers want access to their funds, they’re going to need several keys from each co-founder to do so.

Similarly, Multisig ensures that no single person in the project may withdraw funds from the account unilaterally. The decision-making process can become more distributed and consensual.

How to issue tokens on Token Issuer

To issue a new token via Token Issuer, follow the steps below:

Step 1: Visit the link: terminals.coin98.com/issuer

Step 2: Select the network that you wish to issue tokens, in this example I chose the HECO Chain (HRC20). The system would find your respective chain wallet.

Step 3: Fill in the following information:

Token name: The name of the token

Token symbol: The symbol of the token in upper case (cannot be more than 5 characters).

Total supply: The total amount of tokens you wish to issue.

Decimal Points: The number of decimal places in the token's unit.

Token Burn & Token Mint: You can consider two options when issuing the token. You can choose or not choose both options but bear in mind that if you don't choose any, your initial aggregate supply will not be allowed to change.

Token logo: Click on the plus icon to upload the token's logo.

Owner Address: The address receiving the issued tokens. The system will automatically fill in the connected wallet address but you can still use another wallet address.

Note: When issuing, the token issue fee is still charged on the connected wallet. To change the address of your connected wallet, you can do the following steps:

  • Select the wallet address on the top right corner of the screen.
  • Select the wallet you want to connect.
  • Click Issue.

Step 4: The system will ask users to pay a network fee to issue tokens.

Users need to prepare enough fees for this step. If you agree, click Confirm on the pop-up confirmation.

There will be a pop-up announcement in the bottom right corner to redirect you to EtherScan/BscScan/Hecoscan to view your token information.

Parting thoughts

Through this article, hope that you have gained an overview and the basic steps to issue a token using Coin98 Token Issuer. If you have any questions or issues using this tool, please feel free to comment below.

Thank you and see you in the next useful tools of Coin98 Exchange.

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